www.rupeedesk.in
The bias for benchmark indices is seen negative next week as the National Stock Exchange's 50-share Nifty closed below the 5850-support level today. However, trade may remain volatile as traders roll over positions to the January derivatives contracts as the current month series will expire Thursday. Yesterday, Nifty rollovers provisionally stood at 30% and market-wide at 27%.
Most expect Monday to be a relatively dull session, given that Tuesday is a holiday for Christmas. They expect rollovers to pick up on the penultimate day of the expiry. Meanwhile, options data continues to suggest 5750-5950 as a range for the Nifty. Yesterday, the NSE Nifty ended at 5847.70, down 68.70 points, or 1.2% from Thursday. The BSE's 30-stock Sensex closed at 19242.00, down 211.92 points, or 1.1%.
Volumes are expected to be low next week as most overseas markets will be closed on account of Christmas. However, investors will keenly eye developments on discussions to resolve the deadlock over US' debt reduction deal. Back home, bank and metal stocks may see some more profit booking after rising earlier this week. Bharti Airtel may slip further as the stock has seen short rollovers in the midst of news that the Central Bureau of Investigation has chargesheeted the company for alleged irregularities in grant of spectrum beyond the stipulated limit during the tenure of former Telecom Minister Late Promod Mahajan.
